Domestic fuel price on the rise in market

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A worker fills a car with petrol at a fuel station in Yangon on 19 August.  Photo: Kaung Htet

THE fuel prices continue to rise in the domestic market and market experts predict that the fuel prices are likely to increase in the future on account of unstable global fuel prices.
According to filling stations in Yangon, the prices of a gallon of 92 Octane in the last week of this month reached around Ks3,420 in retail market while one gallon of diesel was sold for Ks3,200 and high-quality diesel for Ks3,290 per gallon.
The fuel prices this month is about Ks600 more than that of last September. However, the current prices decreased by Ks1,000 compared with 2014.
World crude oil prices have jumped up after Hurricane Harvey hit beyond US’s gulf. Myanmar also suffers the tropical storm Harvey’s impact on the energy sector. The fuel prices reached its record high in February of this year while the global crude oil prices were about US$50 per barrel. The local fuel prices then gradually decreased in the market before June.
The current fuel prices in the world market have increased to $57 per barrel.
Myanmar imports about 600,000 gallons of fuels mainly from Singapore.
There are 12 state-owned fuel stations across the country. The government handed over a total of 261 state-owned filling stations to private enterprises to promote role of private sector. The ministry has already granted licenses to over 2,000 private filling stations.—Shwe Khine

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